ConsMin bid launched by Pallinghurst

There was a recent news in the marketplace that Pallinghurst Resources has launched a $752 million all-cash takeover bid for Consolidated Minerals, countering a rival offer from Territory Resources.

The all-cash bid counters a cash-and-scrip offer from iron ore miner Territory Resources, which is valued at about $845 million. The Pallinghurst bid has been unanimously backed by the ConsMin board.

The battle for ConsMin started after Pallinghurst launched its takeover bid for the company in February - before Territory, led by former ConsMin boss Michael Kiernan - entered the bidding war.